China Pharmaceuticals, Inc. (fka CFMI)

[10 bagger]

CFMI..$1.55

Background..

OTCBB AREN Completes Name Change to China Pharmaceuticals, Inc. and Symbol Change to CFMI

Business Wire - Mar 30 at 13:12

Company Symbols: NASDAQ-OTCBB:AREN, NASDAQ-OTCBB:CFMI


XI'AN, Shaanxi, China--(BUSINESS WIRE)-- Allstar Restaurants (OTC Bulletin Board: AREN) ("Allstar" or the "Company") today announced that effective on March 30, 2010, the Company changed its name from Allstar Restaurants to China Pharmaceuticals, Inc. The OTCBB symbol changes from AREN to CFMI. The name change was effected through a parent/subsidiary merger of our wholly owned subsidiary, China Pharmaceuticals, Inc., with and into the Company, with the Company as the surviving corporation. To effectuate the merger, the Company filed its Articles of Merger with the Nevada Secretary of State, and the merger became effective on March 30, 2010. The name and symbol change became effective through FINRA today, March 30, 2010.

The Company's board of directors approved the merger which resulted in the name change on March 30, 2010. In accordance with Section 92A.180 of the Nevada Revised Statutes, shareholder approval of the merger was not required. On the effective date of the merger, the Company's name was changed to "China Pharmaceuticals, Inc." and the Company's Articles of Incorporation were amended to reflect this name change.

Following the Combination, the combined Company will be quoted on the OTCBB, under the symbol "CFMI."

"We are very pleased to announce the name change that better reflects the company's business. We are also pleased to announce that FINRA has assigned our company the new symbol 'CFMI'," said Mr. Wang, CEO and Chairman of China Pharmaceuticals, Inc.

About China Pharmaceuticals, Inc.

China Pharmaceuticals, Inc. has its headquarters in the City of Xi'an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures and distributes both prescription and over-the counter, including both conventional and traditional Chinese medicines, pharmaceutical products for the treatment of some of the most common ailments and diseases. China Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical products in the form of capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection that are either small volume parenteral solutions that are freeze dried powders or large volume parenteral solutions. China Pharmaceuticals, Inc.'s manufacturing facilities are based in Hanzhong and the Xi'an Jinghe Industrial Zone, both in Shaanxi Province. For the nine months ended September 30, 2009, revenue was $18,394,922 and net income was $6,309,887 or $0.16 per share on a pro-forma basis. As at September 30, 2009 shareholders' equity was $26,011,958 and total assets were $35,020,073.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.



Source: Allstar Restaurants/China Pharmaceuticals, Inc.